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    "headline": "IGI Launches Bermuda Cyber Reinsurance MGA Cipher",
    "dek": "International General Insurance Holdings launches Cipher Underwriting, a Bermuda-based MGA specializing in cyber treaty reinsurance.",
    "prose": "International General Insurance Holdings Ltd. announced the launch of Cipher Underwriting Ltd, a Bermuda-based specialty treaty reinsurance managing general agent established to provide dedicated cyber treaty underwriting expertise. [^1]\n\nQapture Investments announced the integration of Hermetik Trading Technologies Inc.'s on-chain yield strategies and operational infrastructure, and the appointment of Hermetik founder Brendan MacNeil as Head of DeFi. [^2]\n\nQapture Investments, a Bermuda-based digital asset manager founded by Frederick Pye, announced the completion of its acquisition of Flammarion Partners Ltd., a British Virgin Islands Approved Manager, which has been renamed Qapture Investments (BVI) Ltd. [^3]\n\nA spokesperson stated that the commencement of Cipher's operations remains subject to applicable regulatory approvals, including registration and licensing by the Bermuda Monetary Authority. [^4]\n\nCipher is led by reinsurance specialist Ari Chatterjee, who has more than 20 years of industry experience including over a decade of cyber reinsurance experience. [^5]\n\nIGI owns a 60% interest in Cipher through its wholly owned subsidiary IGI Managing Agencies Holdings Ltd. [^6]\n\nQapture Investments said it intends to obtain an investment-business licence from the Bermuda Monetary Authority and establish a Bermuda-domiciled Segregated Accounts Company. [^7]\n\nQapture Investments stated that the BVI Approved Manager regime authorizes it to manage professional funds and discretionary managed accounts up to US$400 million in aggregate assets. [^8]",
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